Article by: ETO Markets

US Non-Farm payrolls for March exceeded forecasts and February's results, with 303,000 new hires. As a result, the unemployment rate decreased, while average hourly earnings showed mixed results, increasing monthly but falling annually. Bets that the Fed will lower rates in June dropped further in response to the data, from about 70% a week earlier to just over 53%. 

The gold market is poised for further growth as purchasers gain traction. Even in overbought situations above the 70 level, the Relative Strength Index points north. Typically, the RSI 80 reading is regarded as the extreme overbought in a rally for an asset. But while there are no indications that price activity is tiring, the $… barrier is still in play. Conversely, $… would be the first level of support. $… and the $… threshold will be revealed in the event of the latter's transgression.